Metso's Half-Year Review January 1 - June 30, 2018

Half-Year Review January 1 – June 302018

Metso’s Half-Year Review January 1 – June 30, 2018
All figures relating to 2017 have been restated to reflect the adoption of the IFRS 15 standard and the revision in the reporting of the
Flow Control segment’s services business. The restated figures were published on April 16, 2018. Figures in brackets refer to the
corresponding period in 2017, unless otherwise stated.
Second-quarter 2018 in brief
Half-year 2018 in brief
Market outlook
The outlook represents expected sequential market development with a rolling six-month view. Our market
conditions are expected to develop as follows:
• Growth in demand to increase for Minerals equipment
• Growth in demand to remain stable for Minerals services
• Growth in demand to level off for Flow Control
Previous outlook (published April 25, 2018)
Our market conditions are expected to develop as follows:
• Growth in demand to remain stable for Minerals equipment and services
• Growth in demand to remain stable for Flow Control equipment and services
• Orders received increased 16%, or 23% in constant currencies, to EUR 1,712 million (1,482 million)
• Services orders grew 8%, or 16% in constant currencies, to EUR 954 million (882 million)
• Sales grew 13%, or 20% in constant currencies, and totaled EUR 1,490 million (1,322 million)
• Services sales grew 10%, or 18% in constant currencies, and totaled EUR 864 million (786 million)
• Adjusted EBITA was EUR 176 million, or 11.8% of sales (136 million, or 10.3%)
• Operating profit (EBIT) up 40%, totaling EUR 167 million, or 11.2% of sales (119 million, or 9.0%)
• Earnings per share were EUR 0.71 (0.47)
• Free cash flow was EUR 23 million (43 million)
• Healthy activity in all markets
• Orders received increased 14%, or 22% in constant currencies, to EUR 853 million (749 million)
• Services orders grew 7%, or 15% in constant currencies, to EUR 463 million (431 million)
• Sales grew 15%, or 23% in constant currencies, and totaled EUR 776 million (675 million)
• Services sales grew 10%, or 18% in constant currencies, and totaled EUR 442 million (403 million)
• Adjusted EBITA was EUR 91 million, or 11.7% of sales (70 million, or 10.4%)
• Operating profit (EBIT) up 45%, totaling EUR 86 million, or 11.1% of sales (60 million, or 8.9%)
• Earnings per share were EUR 0.38 (0.24)
• Free cash flow was EUR 21 million (4 million)
1
Metso's Half-Year Review January 1 - June 30, 2018

Interim President and CEO Eeva Sipilä:
We saw continued healthy market activity across our
businesses and were particularly pleased to see the
project activity in the mining equipment market increase
during the second quarter. The solid growth in both
equipment and services is a clear indication of our strong
position in our key markets. The recent increased
uncertainty relating to global trade is something we are
obviously watching closely. However, we currently
estimate the direct impact of the tariffs enforced so far on
Metso to be limited.
Going forward, we will continue to focus on operational
excellence as well as on implementing Metso’s other strategic fundamentals. We are moving forward with
our Digital Strategy and currently successfully piloting comminution analytics at customer sites in North
America, Africa, and Australia. We are also taking R&D plans forward across our portfolio to strengthen
our offering further. Also, our work on adjacent acquisitions supporting our growth strategy continues.
Overall, while we have a lot of areas of further improvement ahead of us, I am encouraged by the results
we have achieved during the first six months of the year.
Key figures
EUR million Q2/2018 Q2/2017 Change % H1/2018 H1/2017 Change % 2017
Orders received 853 749 14 1,712 1,482 16 2,982
Orders received by the services business 463 431 7 954 882 8 1,717
% of orders received 54 58 56 60 58
Order backlog at the end of the period 1,601 1,411 13 1,439
Sales 776 675 15 1,490 1,322 13 2,699
Sales of the services business 442 403 10 864 786 10 1,595
% of sales 57 60 58 59 59
Earnings before interest, tax and amortization
(EBITA), adjusted 91 70 30 176 136 29 244
% of sales 11.7 10.4 11.8 10.3 9.0
Operating profit (EBIT) 86 60 45 167 119 40 218
% of sales 11.1 8.9 11.2 9.0 8.1
Earnings per share, EUR 0.38 0.24 58 0.71 0.47 51 0.68
Free cash flow 21 4 425 23 43 -47 158
Return on capital employed (ROCE) before taxes,
annualized, % 16.8 11.1 10.3
Equity-to-assets ratio at the end of the period, % 47.0 45.9 44.5
Net gearing at the end of the period, % 13.7 7.5 1.8
Personnel at the end of the period 12,708 11,788 8 12,037
Operating environment
Healthy market activity continued in all our businesses during the second quarter. The market for mining
equipment improved, which resulted in increased quotation activity, and aggregates equipment saw
continued strong demand especially in India and North America. The demand for services was healthy
from both mining and aggregates customers. In the valves business, project and day-to-day activity alike
remained healthy. Good development continued also in the demand for pumps and recycling.
2

Orders and sales
Second-quarter orders received increased 14%, or 22% in constant currencies, compared to the same
quarter in 2017 and totaled EUR 853 million (EUR 749 million). Order growth was 17% in the Minerals
segment and 6% in the Flow Control segment. Services orders grew 7% from comparison period to
EUR 463 million. Services orders increased 7% in Minerals and 11% in Flow Control. Equipment orders
increased 34% in Minerals and 3% in Flow Control.
Quarterly sales totaled EUR 776 million (EUR 675 million) and increased 15%, or 23% in constant
currencies, from the comparison period. Sales growth in both segments was mainly driven by equipment.
Minerals’ sales grew 14% and totaled EUR 596 million, while Flow Control’s sales increased 18% to
EUR 180 million.
Orders in January-June totaled EUR 1,712 million, which is 16% higher than in the corresponding period
of 2017. Orders grew 17% in Minerals to EUR 1,325 million and 12% in Flow Control to EUR 389 million.
The order backlog at the end of June 2018 totaled EUR 1,601 million (EUR 1,439 million at the end of
2017). Approximately 80% of the order backlog is expected to be delivered in 2018.
January-June sales totaled EUR 1,490 million, which is 13% higher than in the first half of 2017. Minerals’
sales increased 14% and Flow Control’s sales 10% year-on-year.
Currency impact on orders received (compared to the same period in 2017)
Q2/2018 change
using reported rates, %
Q2/2018 change
using constant rates, %
H1/2018 change
H1/2018 change
Minerals 17 25 17 25
Services business 7 15 8 16
Flow Control 6 12 12 19
Metso total 14 22 16 23
Currency impact on sales (compared to the same period in 2017)
Q2/2018 change
Q2/2018 change
H1/2018 change
H1/2018 change
Minerals 14 22 14 21
Flow Control 18 26 10 17
Metso total 15 23 13 20
Financial performance
Adjusted EBITA in the second quarter totaled EUR 91 million, or 11.7% of sales (EUR 70 million, or
10.4%). Sales growth had a positive impact on profitability, whereas sales mix had a negative impact.
Minerals’ adjusted EBITA totaled EUR 64 million, or 10.7% of sales (EUR 55 million, or 10.5%).
Flow Control’s adjusted EBITA totaled EUR 29 million, or 16.4% of sales (EUR 16 million, or 10.8%).
Operating profit (EBIT) in the second quarter was EUR 86 million, or 11.1% of sales (EUR 60 million,
or 8.9%). Minerals’ operating profit totaled EUR 62 million, or 10.4% of sales (EUR 47 million, or 9.1%).
Flow Control’s operating profit totaled EUR 29 million, or 16.1% of sales (EUR 16 million, or 10.4%).
In January-June 2018, adjusted EBITA totaled EUR 176 million, or 11.8% of sales (EUR 136 million, or
10.3%). Operating profit (EBIT) was EUR 167 million or 11.2% of sales (EUR 119 million, or 9.0%)
3

and profit before taxes EUR 152 million (EUR 103 million). Earnings per share were EUR 0.71
(EUR 0.47). Return on capital employed (ROCE) improved significantly and was 16.8% (10.3% at the end
of 2017) due to both improved earnings and lower capital employed after a repayment of debt and
dividend payment in the second quarter. The effective tax rate was 29.8%.
Net financial expenses in January-June were EUR 15 million (EUR 16 million). Net cash generated by
operating activities totaled EUR 34 million (EUR 54 million) and free cash flow was EUR 23 million
(EUR 43 million). Cash flow was affected by a residual tax payment of EUR 21 million in the first quarter
related to a reassessment decision from the Finnish tax authority. Metso is appealing the decision, but the
payment was made to avoid any additional interest costs during the expected long complaint process.
An increase in net working capital, arising mainly from a ramp-up in supply chain in response to higher
demand, had a negative impact of EUR 95 million on cash flow (negative impact of EUR 56 million).
Financial position
Metso’s liquidity position remains strong. Total cash assets at the end of June were EUR 423 million
(EUR 827 million at the end of 2017), of which EUR 88 million (EUR 154 million at the end of 2017) was
invested in financial instruments with an initial maturity exceeding three months, and the remaining
EUR 335 million (EUR 673 million at the end of 2017) is accounted for cash and cash equivalents. The
decline in cash and cash equivalents resulted from a repayment of a USD-denominated loan with a
nominal value of EUR 211 million and a private placement with a nominal value of EUR 37 million during
the quarter. In addition, a dividend of EUR 157 million was paid on April 4, 2018.
Metso has an undrawn, committed EUR 500 million revolving credit facility and an undrawn, committed
EUR 40 million loan from the European Investment Bank.
Metso’s balance sheet is solid. Net interest-bearing liabilities were EUR 177 million at the end of June
(EUR 24 million at the end of 2017) and net gearing was 13.7% (1.8% at the end of 2017).
The equity-to-assets ratio was 47.0% (44.5% at the end of 2017). Our credit rating remains unchanged:
Standard & Poor’s Ratings Services confirmed Metso’s long-term corporate credit rating of BBB and
short-term credit rating of A-2, with a stable outlook, in March 2018.
Capital expenditure and investments
Gross capital expenditure in January-June, excluding business acquisitions, was EUR 26 million
(EUR 15 million). Maintenance accounted for 52%, or EUR 14 million (88%, or EUR 13 million).
Growth investments relate mainly to increased aggregates equipment manufacturing capacity in Alwar,
India, and Tampere, Finland, and foundry capacity in South Africa and China as well as rubber
consumables manufacturing at multiple locations globally.
Capital expenditure excluding acquisitions is expected to increase in 2018 compared to 2017.
Research and development
Research and development (R&D) expenses started to slowly build up in the second quarter and were
EUR 16 million, or 1.1% of sales, for the first half of the year (EUR 13 million, or 1.0%). Expenditures
related to the Digital Program are excluded from R&D expenses.
Acquisitions
Metso announced two acquisitions during the second quarter.
On April 4, Metso announced an agreement to acquire the valve automation division of the India-based
valve technology company Rotex Manufacturers and Engineers Pvt. Ltd. The company has a market-
leading position in India in the actuator business and an advanced offering of switches, process valves,
and valve automation products and solutions. The acquired division's sales in the last fiscal year ending
4

March 31, 2018, were approximately EUR 19 million and it employs around 275 people. The closing of
the acquisition is expected to take place during the third quarter of 2018.
On April 9, Metso announced an agreement to acquire the mobile crushing and screening plant provider
P.J. Jonsson och Söner, based in Sweden. With the acquisition, Metso will strengthen the breadth and
availability of its product and service offering for the aggregates industry in the Nordics. The company's
sales in the fiscal year 2017 were EUR 33 million and it has 40 employees. The closing of the acquisition
took place after the reporting period on July 2, 2018.
Personnel
Metso had 12,708 employees at the end of June, which is 671 more than at the end of December 2017.
From the year end, personnel increased by 569 to 9,459 in Minerals and by 91 to 2,751 in Flow Control.
Personnel in the Group Head Office and support functions totaled 498 (487 at the end of 2017).
Personnel by area
June 30, 2018 % of personnel June 30, 2017 % of personnel Change % Dec 31, 2017
Europe 4,388 34 4,206 36 4 4,113
North America 1,635 13 1,566 13 4 1,563
South and Central America 2,883 23 2,630 22 10 2,725
Asia-Pacific 2,933 23 2,509 21 17 2,795
Africa and Middle East 869 7 877 7 -1 841
Metso total 12,708 100 11,788 100 8 12,037
5

Reporting segments: Minerals
Orders received 671 575 17 1,325 1,135 17 2,308
Orders received by the services business 395 370 7 817 756 8 1,474
Order backlog at the end of the period 1,292 1,140 13 1,173
Sales 596 523 14 1,149 1,012 14 2,064
Sales of the services business 380 347 10 743 673 10 1,368
% of sales 64 66 65 67 66
(EBITA), adjusted 64 55 17 127 98 29 168
% of sales 10.7 10.5 11.1 9.7 8.1
% of sales 10.4 9.1 10.7 8.6 7.4
Return on operative capital employed (ROCE),
annualized, % 23.1 16.3 14.7
Minerals’ orders received in the second quarter increased 17% year-on-year and totaled EUR 671 million
(EUR 575 million). Orders grew in all businesses with the strongest growth in mining equipment. Second-
quarter orders received by the services business accounted for EUR 395 million (EUR 370 million).
Quarterly sales totaled EUR 596 million (EUR 523 million) and the increase of 14% was mainly due to
growth in the equipment business.
The aggregates business reported strong second-quarter growth for equipment orders, driven by North
America and India. Mining equipment orders increased, driven by an order for one sizable pellet plant and
an order for three grinding lines for an iron ore operation. Services orders increased, thanks to healthy
market activity in the main mining markets.
Improved activity in the metal recycling market increased both orders and sales of the Recycling
business.
Higher sales resulted in an adjusted EBITA totaling EUR 64 million (EUR 55 million), while the sales mix
had a negative impact on the adjusted EBITA margin of 10.7% (10.5%). Operating profit (EBIT) improved
significantly, since the comparison period included efficiency-related adjustment items, and totaled
EUR 62 million, or 10.4% of sales (EUR 47 million, or 9.1%).
Orders in January-June increased 17% from the comparison period and totaled EUR 1,325 million. Sales
during the same period grew 14%, totaling EUR 1,149 million. Adjusted EBITA was EUR 127 million, or
11.1%, and operating profit EUR 123 million, or 10.7%
Minerals: Sales and profitability
Order growth of 17% was supported by an increase in mining orders
Equipment was driving the sales growth of 14%
Operating profit improved significantly year-on-year
10.5 10.6 10.5
9.7 9.9 9.8
8.2 8.1
8.8 8.8
0
2
4
6
8
10
12
14
0
500
1,000
1,500
2,000
2,500
3,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2016 2017 2018
%EUR million
Services sales, rolling 12 months Equipment sales, mining, rolling 12 months Equipment sales, aggregates, rolling 12 months Adjusted EBITA %, rolling 12 months
6

Reporting segments: Flow Control
Orders received 184 174 6 389 347 12 675
Orders received by the services business 68 61 11 136 126 8 243
Order backlog at the end of the period 312 271 15 267
Sales 180 152 18 341 310 10 635
Sales of the services business 62 55 13 121 113 7 228
% of sales 34 36 35 36 36
(EBITA), adjusted 29 16 80 55 41 33 93
% of sales 16.4 10.8 16.1 13.3 14.6
% of sales 16.1 10.4 15.8 12.9 14.3
Return on operative capital employed (ROCE),
annualized, % 36.2 25.1 29.7
Flow Control’s second-quarter orders received increased 6% to EUR 184 million (EUR 174 million).
Pumps posted solid order growth and valve orders increased, thanks to continued healthy project activity
in the pulp and paper market as well as good activity in the day-to-day business. However, as expected,
valve orders did not reach the record level of the first quarter 2018.
Sales increased 18% year-on-year to EUR 180 million (EUR 152 million), thanks to a good order backlog
built up during the previous quarters.
Good operational performance contributed to strong profitability in the quarter. Adjusted EBITA was
EUR 30 million, or 16.4% of sales (EUR 16 million, or 10.8%) and operating profit EUR 29 million, or
16.1% of sales (EUR 16 million, or 10.4%).
Orders in January-June increased 12% from the comparison period and totaled EUR 389 million
(EUR 347 million). Growth came from both equipment and valve services. Sales totaling EUR 341 million
in the first half grew 10% from the comparison period, driven by equipment business. Adjusted EBITA for
the same period was EUR 55 million, or 16.1% of sales, and operating profit EUR 54 million, or 15.8% of
sales.
Flow Control: Sales and profitability
Healthy order growth
Strong sales and operating profit development
16.5
15.1
14.2
15.0 15.8 15.1 14.8 14.6 14.7
16.0
0
2
4
6
8
10
12
14
16
18
20
0
100
200
300
400
500
600
700
800
900
1,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2016 2017 2018
%EUR million
Services sales, rolling 12 months Equipment sales, rolling 12 months Adjusted EBITA %, rolling 12 months
7

Decisions of the Annual General Meeting (AGM)
The Annual General Meeting was held in Helsinki on March 22, 2018. The AGM approved the Financial
Statements for 2017 and discharged the members of the Board of Directors and the President and CEOs
from liability for the 2017 financial year. The Authorized Public Accountant firm Ernst & Young was
elected as Metso’s Auditor with Mikko Järventausta as principal responsible auditor. The dividend of EUR
1.05 per share, approved by the AGM, was paid on April 4, 2018. In addition, the AGM approved the
proposals of the Board of Directors to authorize the Board to decide on both the repurchase of Metso
shares as well as the issuance of shares and special rights entitling to shares. The Nomination Board’s
proposals concerning Board members and their remuneration were also approved. The minutes of the
meeting are available at www.metso.com/agm.
President and CEO
On May 21, Metso's Board of Directors appointed Pekka Vauramo as President and CEO of Metso,
effective as of November 2018 at the latest. He has served as President and CEO of Finnair since 2013,
and prior to that held several management positions at Cargotec (2007-2013) and Sandvik (1985-2007).
Eeva Sipilä, CFO, has served as Metso's interim President and CEO since February 3, 2018, and will
continue in the role until Pekka Vauramo joins Metso. The previous President and CEO Nico Delvaux left
his duties on February 2, 2018.
Annual report
Metso’s annual report for 2017 was published on February 23, 2018. The report entity includes the
financial statements, annual review, corporate governance statement and externally assured
sustainability supplement. It is available at www.metso.com/2017.
Shares and share trading
Metso’s share capital was EUR 140,982,843.80 and the number of shares 150,348,256 on
June 30, 2018. This included 351,128 treasury shares held by the Parent Company, which represented
0.2% of all shares and votes. A total of 73,463,332 Metso shares were traded on Nasdaq Helsinki in
January-June 2018, equivalent to a turnover of EUR 2,025 million. Metso’s market capitalization at the
end of June, excluding shares held by the Parent Company, was EUR 4,305 million (EUR 4,270 million at
the end of 2017).
Metso share performance on Nasdaq Helsinki January 1- June 30, 2018
EUR
Closing price 28.70
Highest share price 31.02
Lowest share price 23.79
Volume-weighted average trading price 27.55
In addition to Nasdaq Helsinki, Metso’s ADRs (American Depositary Receipts) are traded on the
International OTCQX market in the United States under the ticker symbol ‘MXCYY’, with four ADRs
representing one Metso share. The closing price of the Metso ADR on June 30, 2018, was USD 8.35.
Flagging notifications
In January-June 2018, Metso received one flagging notification relating to changes in the direct
shareholding, shareholding through financial instruments or their total amount. Metso is not aware of any
shareholders’ agreements regarding the ownership of Metso shares and voting rights.
Date Shareholder Threshold Direct, % Indirect, % Total, % Total shares
January 8 Blackrock, Inc. above 5% 5.02 0.76 5.79 8,706,776
8

Short-term business risks and market uncertainties
Uncertainties in economic growth and political developments globally might affect our customer
industries, reduce the investment appetite and spending among our customers, and thereby weaken the
demand for Metso’s products and services as well as affect our business operations. There are also other
market- and customer-related risks that may cause on-going projects to be postponed, delayed or
discontinued. While the direct impact of the tariffs imposed between the US and China is estimated to be
limited on Metso, the possible indirect impacts on economic growth and customer behavior are currently
difficult to estimate.
Continued market growth and inflation as well as the impact of tariffs or other trade barriers could pose
challenges to our supply chain and price management with an impact on our growth capability and
margins.
Exchange rate fluctuations and changes in commodity prices could affect our orders received, sales and
financial performance, although the wide scope of our operations limits the exposure to single currencies
or commodities. Metso hedges currency exposure linked to firm delivery and purchase agreements.
Uncertain market conditions might adversely affect our customers’ payment behavior and increase the
risk of lawsuits, claims and disputes taken against Metso in various countries related to, among other
things, Metso’s products, projects and other operations.
Information security and cyber threats can potentially disturb or disrupt Metso’s businesses and
operations.
Market outlook
The outlook represents expected sequential market development with a rolling six-month view. Our market
conditions are expected to develop as follows:
• Growth in demand to increase for Minerals equipment
• Growth in demand to remain stable for Minerals services
• Growth in demand to level off for Flow Control
Previous market outlook (published April 25, 2018)
Our market conditions are expected to develop as follows:
• Growth in demand to remain stable for Minerals equipment and services
• Growth in demand to remain stable for Flow Control equipment and services
Helsinki, July 25, 2018
Metso Corporation’s Board of Directors
9

Half-Year Review, tables
CONSOLIDATED STATEMENT OF INCOME
EUR million 4-6/2018 4-6/2017 1-6/2018 1-6/2017 1-12/2017
Sales 776 675 1,490 1,322 2,699
Cost of goods sold -543 -488 -1,049 -951 -1,968
Gross profit 233 187 441 371 731
Selling, general and administrative expenses -134 -127 -263 -253 -510
Other operating income and expenses, net -13 0 -11 1 -2
Share in profits of associated companies 0 0 0 0 0
Operating profit 86 60 167 119 218
Financial income 4 2 5 3 12
Financial expenses -9 -9 -20 -19 -47
Financial expenses, net -5 -7 -15 -16 -35
Profit before taxes 81 53 152 103 184
Income taxes -24 -17 -45 -32 -82
Profit for the period 57 36 107 70 102
Attributable to:
Shareholders of the parent company 57 36 107 70 102
Non-controlling interests 0 0 0 0 0
Earnings per share
Basic, EUR 0.38 0.24 0.71 0.47 0.68
Diluted, EUR 0.38 0.24 0.71 0.47 0.68
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 4-6/2018 4-6/2017 1-6/2018 1-6/2017 1-12/2017
Items that may be reclassified to profit or loss in subsequent periods:
Cash flow hedges, net of tax 0 2 0 3 3
Equity instruments at fair value, net of tax 0 0 0 0 0
Currency translation on subsidiary net investments -6 -32 -15 -26 -39
-6 -30 -15 -23 -36
Items that will not be reclassified to profit or loss:
Defined benefit plan actuarial gains (+) / losses (-), net of tax 0 - 1 - 1
Other comprehensive income -6 -30 -14 -23 -35
Total comprehensive income 51 6 93 47 67
Attributable to:
Shareholders of the parent company 51 6 93 47 67
Non-controlling interests 0 0 0 0 0
Total comprehensive income 51 6 93 47 67
10

CONSOLIDATED BALANCE SHEET
ASSETS
EUR million June 30, 18 June 30, 17 Dec 31, 17
Non-current assets
Intangible assets
Goodwill 466 449 466
Other intangible assets 72 76 79
538 525 545
Tangible assets
Land and water areas 42 43 43
Buildings and structures 95 103 98
Machinery and equipment 129 138 136
Assets under construction 18 8 10
284 293 287
Other non-current assets
Investments in associated companies 1 1 1
Non-current financial assets 7 3 5
Loan and other interest bearing receivables 3 3 3
Deferred tax asset 90 103 93
Other non-current assets 28 31 29
127 140 130
Total non-current assets 950 958 961
Current assets
Inventories 857 721 750
Receivables
Trade and other receivables 702 616 644
Receivables from customers under revenue contracts 82 65 66
Loan and other interest bearing receivables 1 1 0
Other current financial assets 88 119 154
Income tax receivables 36 29 38
910 829 903
Cash and cash equivalents 335 629 673
Total current assets 2,102 2,179 2,326
TOTAL ASSETS 3,052 3,138 3,287
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SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Share capital 141 141 141
Cumulative translation adjustments -102 -74 -87
Fair value and other reserves 304 302 302
Retained earnings 939 954 988
Equity attributable to shareholders 1,282 1,323 1,344
Non-controlling interests 7 7 7
Total equity 1,289 1,330 1,351
Liabilities
Non-current liabilities
Long-term debt 559 590 554
Post employment benefit obligations 70 85 68
Provisions 33 39 37
Non-current financial liabilities 4 2 2
Deferred tax liability 17 6 18
Total non-current liabilities 683 722 680
Current liabilities
Current portion of long-term debt 29 243 279
Short-term debt 15 18 21
Trade and other payables 582 475 547
Provisions 72 66 74
Advances received 211 192 198
Liabilities to customers under revenue contracts 97 47 58
Other current financial liabilities 21 4 10
Income tax liabilities 53 40 70
Total current liabilities 1,080 1,085 1,257
Total liabilities 1,763 1,807 1,937
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 3,052 3,138 3,287
NET INTEREST BEARING LIABILITIES
Long-term interest bearing debt 588 833 833
Short-term interest bearing debt 15 18 21
Cash and cash equivalents -335 -629 -673
Other interest bearing assets -91 -123 -157
Net interest bearing liabilities 177 99 24
12

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million 4-6/2018 4-6/2017 1-6/2018 1-6/2017 1-12/2017
Operating activities:
Adjustments:
Depreciation and amortization 14 14 29 29 59
Financial expenses, net 5 7 15 16 35
Income taxes 24 17 45 32 82
Other items -1 7 0 12 16
Change in net working capital -51 -35 -95 -56 -23
Net cash flow from operating activities before financing items
and taxes 48 46 100 103 270
Net financial expenses paid -7 -9 -9 -13 -21
Income taxes paid -19 -25 -57 -37 -64
Net cash flow from operating activities 23 12 34 54 185
Investing activities:
Capital expenditures on intangible and tangible assets -14 -9 -26 -15 -38
Proceeds from sale of intangible and tangible assets 1 - 3 2 5
Business acquisitions, net of cash acquired - - - - -30
Other items - - - - -2
Net cash flow from investing activities -12 -9 -24 -13 -66
Financing activities:
Dividends paid -157 -157 -157 -157 -157
Proceeds from (+) / investments in (-) financial assets 37 -8 65 0 -35
Proceeds from (+) / repayments of (-) debt, net -250 76 -255 56 59
Other items - -1 - -1 -1
Net cash flow from financing activities -370 -90 -347 -102 -134
Net change in cash and cash equivalents -360 -87 -337 -61 -15
Effect from changes in exchange rates 0 -9 -1 -7 -12
Cash and cash equivalents at beginning of period 694 725 673 698 698
Cash and cash equivalents at end of period 335 629 335 629 673
FREE CASH FLOW
EUR million 4-6/2018 4-6/2017 1-6/2018 1-6/2017 1-12/2017
Net cash flow from operating activities 23 12 34 54 185
Maintenance investments -3 -8 -14 -13 -32
Proceeds from sale of intangible and tangible assets 1 - 3 2 5
Free cash flow 21 4 23 43 158
13

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
EUR million
Share
capital
Cumulative
translation
adjustments
Fair value
and other
reserves
Retained
earnings
Equity
attributable to
shareholders
Non-
controlling
interests
Total
equity
Jan 1, 2017 141 -48 299 1,039 1,431 8 1,439
Profit for the period - - - 70 70 0 70
Other comprehensive income
Cash flow hedges, net of tax - - 3 - 3 - 3
Equity instruments at fair value, net of tax - - 0 - 0 - 0
Currency translation on subsidiary net investments - -26 - - -26 - -26
Defined benefit plan actuarial gains (+) / losses (-), net
of tax - - - - 0 - 0
Total comprehensive income - -26 3 70 47 0 47
Dividends - - - -157 -157 0 -157
Donations to universities - - - -1 -1 - -1
Share-based payments, net of tax - - 0 0 0 - 0
Other items - - 0 3 3 0 3
Changes in non-controlling interests - - - 0 0 0 0
June 30, 2017 141 -74 302 954 1,323 7 1,330
Dec 31, 2017 141 -87 302 988 1,344 7 1,351
Effect from adoption of new IFRS standards 1)
- - 3 0 2 0 2
Jan 1, 2018 141 -87 305 987 1,346 7 1,353
Profit for the period - - - 107 107 0 107
Other comprehensive income
Cash flow hedges, net of tax - - - - 0 - 0
Equity instruments at fair value, net of tax - - 0 - 0 - 0
Currency translation on subsidiary net investments - -15 - - -15 0 -15
Defined benefit plan actuarial gains (+) / losses (-), net
of tax - - - 1 1 - 1
Total comprehensive income - -15 0 108 93 0 93
Dividends - - - -157 -157 0 -157
Share-based payments, net of tax - - -1 - -1 - -1
Other items - - 0 1 1 0 1
Changes in non-controlling interests - - - - - - -
June 30, 2018 141 -102 304 939 1,282 7 1,289
1)
IFRS 9 effect on retained earnings was EUR 491 thousand negative and IFRS 2 amendment effect on fair value reserve was EUR 2,594 thousand
positive.
14

Notes to the Half-Year Review
Contents
1. Basis of preparation
2. New accounting standards
3. Key figures and formulas
4. Disaggregation of sales
5. Fair value estimation
6. Notional amounts of derivative instruments
7. Contingent liabilities and other commitments
8. Acquisitions
9. Segment information
10. Quarterly information
11. Exchange rates
12. Events after the reporting period
1. BASIS OF PREPARATION
This Half-Year Review has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’, applying the
accounting policies of the Financial Statements 2017. In addition, new accounting standards have been adopted
from the beginning of 2018 as described in section 2 of this Half-Year Review. This Half-Year Review is unaudited.
All figures presented have been rounded and consequently the sum of individual figures might differ from the
presented total figure.
Reporting segments
Metso Group is a global supplier of sustainable technology and services for mining, aggregates, oil and gas, pulp,
paper and other process industries.
Metso reports its results consistently with the strategy and reporting structure, which consists of two segments:
Minerals and Flow Control.
The Minerals segment supplies technology, process solutions, machinery and services for aggregates production,
mining, minerals processing and recycling. The Minerals segment is organized in five business areas: Minerals
Equipment, Aggregates Equipment, Minerals Services, Minerals Consumables and Recycling.
The Flow Control segment supplies process industry flow control solutions and services. Flow Control customers
operate in oil and gas, pulp and paper and other process industries. The segment is organized in two business
areas: Valves and Pumps.
The Group Head Office and other is comprised of the Parent Company with centralized group functions such as
treasury and tax as well as shared service centers and holding companies.
Metso is measuring the performance of segments with operating profit/ loss (EBIT). In addition, Metso uses
alternative performance measures to reflect the underlying business performance and to improve comparability
between financial periods: “earnings before interest, tax and amortization (EBITA), adjusted” and “return on
operative capital employed for reporting segments (segment ROCE)”. Alternative performance measures should,
however, not be considered as a substitute for measures of performance in accordance with the IFRS.
15

2. NEW ACCOUNTING STANDARDS
NEW AND AMENDED STANDARDS ADOPTED 2018
IFRS 15
Metso has adopted the new IFRS 15 Revenue from Contracts with Customers standard from January 1, 2018.
Adoption was done fully retrospectively using permitted practical expedients. IFRS 15 introduces a five-step model
for assessing revenue recognition. The principle is that revenue is recognized at an amount that reflects the
consideration to which an entity expects to receive in exchange for transferring goods or services to a customer.
The revenue is recognized when the control of goods or service is transferred to a customer. Revenue will be
recognized either at a point in time or over time.
Adoption of the new standard has had no impact on timing of revenue recognition or on balance sheet
presentation. Reported sales will be reduced by the amounts of late delivery penalties, which have up until now
been expensed. Accordingly, cost of goods sold (COGS) will be affected positively with the same amount. Gross
profit and other income statement items as well as balance sheet will be unchanged.
The used practical expedients:
• client contracts signed and satisfied in 2017 were not adjusted
• client contracts fully satisfied by January 1, 2017 were not adjusted
• disclosure on transaction price allocated to unsatisfied performance obligations as at December 31, 2017
and the expected recognition period will not be reported
The IFRS 15 impact on Metso’s Consolidated Statement of Income for 2017 is as follows:
Metso Restated Adjustment Reported
EUR million 1-12/2017 1-12/2017
Sales 2,699 -8 2,706
Cost of goods sold -1,968 8 -1,976
Gross profit 731 0 731
Restated financial information for 2017 reflecting the impact of the IFRS 15 transition on quarterly figures and
segment information was published on April 16, 2018.
Revenue recognition principles 2018
Metso’s Minerals segment provides standardized equipment deliveries and services consisting of wear or spare
parts as well as customized large scale engineered system and/or equipment deliveries. Metso’s Flow Control
segment provides process industry flow control solutions delivering pumps and valves and related services.
Engineered system deliveries
With customized large scale engineered system and/or equipment deliveries, where customer receives
simultaneously the benefits provided and Metso has the right to payment for the performance completed,
revenue will be recognized over time. Metso will continue to measure progress using the cost-to-cost method. In
these contracts Metso typically requires advance payments from customers. These advance payments do not
include a financing component, because the payment schedule of advances follows (closely) the timing of
performance obligations to be satisfied.
Delivery of standardized equipment, pumps and valves
When Metso provides standardized equipment, equipment and wear or spare parts to customer, revenue will be
recognized when control for the goods is transferred, typically at the delivery of the goods or after commissioning.
16

Service agreements
A long-term service agreement is either a separate one or combined with an equipment delivery agreement.
Metso's service commitments are mainly treated as separate performance obligations, and they will be recognized
when the services are delivered over time. Short-term service agreements will be recognized at the point in time
or by invoicing criteria. Some minor adjustments to the timing of the long-term service contracts might occur, due
to the diversity of the performance obligations in the contracts.
Variable components affecting to revenue recognitions
Typical variable components in Metso’s agreements are late delivery penalties, rebates, possible extended
warranties or right to return clauses. These elements might in the future reduce the amount to be recognized as
revenue or postpone the recognition. Except for the late delivery penalties, the impact of these variable elements
has not been significant in the current contract portfolio and in the comparative period.
IFRS 9
Metso has adopted IFRS 9 Financial instruments standard from January 1, 2018. In Metso, IFRS 9 adoption is
related to three areas: new requirements for the classification and measurement of financial assets, the
impairment model for financial assets based on expected loss method, and to a new guidance on hedge
accounting which will align more closely with common risk management practices.
Applying IFRS 9 did not have any significant impact on the classification or valuation of financial assets, impairment
bookings on trade receivables and other financial assets or hedge accounting.
However, the adoption of IFRS 9 caused an adjustment to the carrying value of a debt instrument, for which the
earlier modification loss has not been recognized. The adjustment in the opening retained earnings as at January 1,
2018, amounted to EUR 0.5 million.
IFRS 2
Metso has adopted the amendment to IFRS 2 Classification and measurement of Share-based Payment
Transactions from January 1, 2018. The amendment clarifies the measurement and accounting treatment for cash-
settled share-based payments. When an employer is committed to the net settlement feature so, that it withholds
and pays to the tax authority an amount for the employee’s tax obligation associated with a share-based payment,
the whole award should be treated as if it would be equity-settled. The adoption of IFRS 2 amendment caused EUR
2.6 million adjustment increasing the fair value and other reserves in equity and releasing current liabilities as at
January 1, 2018.
NEW STANDARDS TO BE APPLIED
IFRS 16
IFRS 16 Leases standard, replacing IAS 17, will be effective from January 1, 2019 onwards. Metso expects to adopt
the standard from the same date onwards by applying the simplified retrospective method whereby the effect of
initially applying IFRS 16 will be recognized to the assets and liabilities without restating the comparative
information.
Metso is currently assessing the full impact of IFRS 16, and has already earlier estimated that the adoption will
have some impact on reported EBITDA, operating profit, non-current assets, interest-bearing liabilities and total
balance sheet values as well as on related key figures. The change will also affect the presentation of cash flows
from operating activities and from financing activities. As of June 30, 2018, Metso’s operating lease commitments
amounted to EUR 130 million.
17

3.1 KEY FIGURES
1-6/2018 1-6/2017 1-12/2017
Earnings per share, EUR 0.71 0.47 0.68
Diluted earnings per share, EUR 0.71 0.47 0.68
Equity/share at end of the period, EUR 8.55 8.82 8.96
Return on equity (ROE), %, (annualized) 16.2 10.2 7.3
Return on capital employed (ROCE) before taxes, %, (annualized) 16.8 11.1 10.3
Return on capital employed (ROCE) after taxes, %, (annualized) 12.3 8.1 6.6
Equity to assets ratio at end of the period, % 47.0 45.9 44.5
Net gearing at end of the period, % 13.7 7.5 1.8
Free cash flow, EUR million 23 43 158
Free cash flow/share, EUR 0.15 0.29 1.05
Cash conversion, % 21 61 155
Gross capital expenditure (excl. business acquisitions), EUR million 26 15 38
Business acquisitions, net of cash acquired, EUR million - - 30
Depreciation and amortization, EUR million 29 29 59
Number of outstanding shares at end of the period (thousands) 149,997 149,997 149,997
Average number of shares (thousands) 149,997 149,993 149,995
Average number of diluted shares (thousands) 150,136 150,190 150,151
18

3.2 FORMULAS FOR KEY FIGURES
Earnings before financial expenses, net,
taxes and amortization (EBITA), adjusted
= Operating profit + adjustment items + amortization
Earnings per share, basic =
Profit attributable to shareholders
Average number of outstanding shares during the period
Earnings per share, diluted =
Profit attributable to shareholders
Average number of diluted shares during the period
Equity/share =
Equity attributable to shareholders
Number of outstanding shares at the end of the period
Return on equity (ROE), % =
Profit for the period
x 100
Total equity (average for the period)
Return on capital employed (ROCE)
before taxes, %
=
Profit before tax + interest and other financial expenses
x 100
Capital employed (average for the period)
Return on capital employed (ROCE) after
taxes, %
=
Profit for the period + interest and other financial expenses
x 100
Capital employed (average for the period)
Net gearing, % =
Net interest bearing liabilities
x 100
Total equity
Equity to assets ratio, % =
Total equity
x 100
Balance sheet total - advances received
Free cash flow =
Net cash provided by operating activities - capital expenditures on maintenance
investments + proceeds from sale on intangible and tangible assets
Free cash flow/share =
Free cash flow
Average number of outstanding shares during the period
Cash conversion, % =
Free cash flow
x 100
Profit for the period
Interest bearing liabilities = Long term debt + current portion of long term debt + short term debt
Net interest bearing liabilities =
Interest bearing liabilities - loan and other interest bearing receivables (non-current
and current) - interest bearing financial assets - cash and cash equivalents
Net working capital (NWC) =
Inventory + trade receivables + receivables from customers under revenue contracts +
other non-interest bearing receivables - trade payables - liabilities to customers under
revenue contracts - advances received - other non-interest bearing liabilities
Capital employed =
Net working capital + intangible and tangible assets + non-current investments +
interest bearing receivables + financial assets + cash and cash equivalents + tax
receivables, net + interest receivables, net
Operative capital employed =
Intangible and tangible assets + investments in associated companies and joint
ventures + inventories + non-interest bearing operative assets and receivables
(external) - non-interest bearing operating liabilities (external)
Return on operative capital employed
(ROCE) for reporting segments, %
=
Operating profit
x 100
Operative capital employed (month-end average)
19

4. DISAGGREGATION OF SALES
Sales by segments
EUR million 4-6/2018 4-6/2017 1-6/2018 1-6/2017 1-12/2017
Minerals 596 523 1,149 1,012 2,064
Flow Control 180 152 341 310 635
Group Head Office and other - 0 - 0 -
Intra Metso sales 0 0 0 0 0
Sales 776 675 1,490 1,322 2,699
Sales by category
EUR million 4-6/2018 4-6/2017 1-6/2018 1-6/2017 1-12/2017
Sales of services, total 442 403 864 786 1,595
Minerals 380 347 743 673 1,368
Flow Control 62 55 121 113 228
Sales of projects, equipment and goods, total 334 272 626 536 1,103
Minerals 215 176 406 339 696
Flow Control 119 97 220 197 407
Sales 776 675 1,490 1,322 2,699
Sales by geographical area
EUR million 4-6/2018 4-6/2017 1-6/2018 1-6/2017 1-12/2017
Finland 21 22 44 39 85
Other European countries 186 143 348 278 596
North America 162 155 299 295 553
South and Central America 134 121 281 258 536
Asia-Pacific 202 164 385 318 670
Africa and Middle East 71 69 133 134 258
Sales 776 675 1,490 1,322 2,699
Timing of revenue recognition
EUR million 4-6/2018 4-6/2017 1-6/2018 1-6/2017 1-12/2017
At a point in time, total 721 619 1,390 1,203 2,489
Minerals 541 467 1,049 893 1,855
Flow Control 180 152 340 310 635
Over time, total 55 56 100 119 209
Minerals 55 56 100 119 209
Flow Control 0 - 1 0 -
Sales 776 675 1,490 1,322 2,699
20

5. FAIR VALUE ESTIMATION
For those financial assets and liabilities which have been recognized at fair value in the balance sheet, the following
measurement hierarchy and valuation methods have been applied:
Level 1 Quoted unadjusted prices at the balance sheet date in active markets. The market prices are readily and
regularly available from an exchange, dealer, broker, market information service system, pricing service or
regulatory agency. The quoted market price used for financial assets is the current bid price. Level 1 financial
instruments include debt and equity investments classified as financial instruments at fair value through
profit and loss.
Level 2 The fair value of financial instruments in Level 2 is determined using valuation techniques. These techniques
utilize observable market data readily and regularly available from an exchange, dealer, broker, market
information service system, pricing service or regulatory agency. Level 2 financial instruments include
• Over‐the‐counter derivatives classified as financial assets/liabilities at fair value through profit and loss
or qualified for hedge accounting.
• Debt securities classified as financial instruments at fair value through profit and loss
• Fixed rate debt under fair value hedge accounting.
Level 3 A financial instrument is categorized into Level 3, if the calculation of the fair value cannot be based on
observable market data. Metso had no such instruments.
The table below presents Metso’s financial assets and liabilities that are measured at fair value. There has been no
transfers between fair value levels during 2018 or 2017.
June 30, 2018
EUR million Level 1 Level 2 Level 3
Assets
Financial assets at fair value through profit and loss
Derivatives ‐ 8 ‐
Securities ‐ 88 ‐
Derivatives qualified for hedge accounting ‐ 8 ‐
Total assets ‐ 104 ‐
Liabilities
Financial liabilities at fair value through profit and loss
Long term debt at fair value ‐ 188 ‐
Total liabilities ‐ 211 ‐
June 30, 2017
EUR million Level 1 Level 2 Level 3
Assets
Financial assets at fair value through profit and loss
Securities 2 117 ‐
Total assets 2 138 ‐
Liabilities
Financial liabilities at fair value through profit and loss
Long term debt at fair value ‐ 399 ‐
Total liabilities ‐ 407 ‐
Carrying value of other financial assets and liabilities than those presented in this fair value level hierarchy table approximates their fair value. Fair values
of other debt is calculated as net present values.

6. NOTIONAL AMOUNTS OF DERIVATIVE INSTRUMENTS
Forward exchange rate contracts 1,212 961 1,347
Interest rate swaps 345 345 432
Cross currency swaps 33 244 244
The notional amount of electricity forwards was 7 GWh as of June 30, 2018 and 25 GWh as of June 30, 2017.
The notional amount of nickel forwards to hedge stainless steel prices was 282 tons as of June 30, 2018 and 264 tons as of June 30, 2017.
The notional amounts indicate the volumes in the use of derivatives, but do not indicate the exposure to risk.
7. CONTINGENT LIABILITIES AND OTHER COMMITMENTS
Metso Group
On behalf of others
External guarantees given by parent and group companies 288 251 274
Other commitments
Repurchase commitments 2 2 3
Other contingencies 6 3 3
Lease commitments 130 134 126
8. ACQUISITIONS
Acquisitions in 2018
During the reporting period January 1 – June 30, 2018 Metso made no acquisitions.
Acquisitions in 2017
On November 1, 2017, Metso acquired 100% of the share capital of Australian WearX Holding Pty Ltd, which is
wear lining solutions provider. The acquisition strengthens Metso’s position in mining services in Australian
markets. The business was consolidated into the Minerals segment. Purchase price paid amounted to EUR 31
million, the Identifiable net assets EUR 12 million and generated goodwill EUR 19 million.
The acquired business contributed sales of EUR 4.7 million to the Metso Group for the period from November 1,
2017, to December 31, 2017, and the number of personnel was 142. The company’s sales in the twelve months
fiscal year 2017 that ended June 30, amounted to EUR 23 million.
22

9. SEGMENT INFORMATION
On April 16, 2018, Metso published restated financial information for 2017 concerning IFRS 15 adoption and change in the definition of
FFlow Control's ontrolFlow Control's Services business. Here presented figures are restated.
ORDERS RECEIVED
EUR million 4-6/2018 4-6/2017 1-6/2018 1-6/2017
7/2017-
6/2018 1-12/2017
Minerals 671 575 1,325 1,135 2,498 2,308
Flow Control 184 174 389 347 717 675
Intra Metso orders received -2 0 -3 0 0 0
Metso total 853 749 1,712 1,482 3,213 2,982
SALES
EUR million 4-6/2018 4-6/2017 1-6/2018 1-6/2017
7/2017-
6/2018 1-12/2017
Minerals 596 523 1,149 1,012 2,202 2,064
Flow Control 180 152 341 311 666 635
Intra Metso sales 0 0 0 0 0 0
Metso total 776 675 1,490 1,322 2,868 2,699
ADJUSTED EBITA AND OPERATING PROFIT
EUR million
Minerals 4-6/2018 4-6/2017 1-6/2018 1-6/2017
7/2017-
6/2018 1-12/2017
Adjusted EBITA 64.0 54.9 127.0 98.3 196.5 167.8
% of sales 10.7 10.5 11.1 9.7 8.9 8.1
Capacity adjustment expenses - -6.0 - -8.7 -0.5 -8.1
Amortization of intangible assets -2.0 -1.4 -3.9 -2.9 -7.4 -6.3
Operating profit (EBIT) 62.0 47.4 123.1 86.7 189.8 153.4
% of sales 10.4 9.1 10.7 8.6 8.6 7.4
Flow Control 4-6/2018 4-6/2017 1-6/2018 1-6/2017
7/2017-
6/2018 1-12/2017
Adjusted EBITA 29.5 16.4 54.9 41.2 106.8 93.1
% of sales 16.4 10.8 16.1 13.2 16.0 14.6
% of sales 16.1 10.4 15.8 12.9 15.7 14.3
Group Head Office and other 4-6/2018 4-6/2017 1-6/2018 1-6/2017
7/2017-
6/2018 1-12/2017
Adjusted EBITA -2.5 -1.3 -5.9 -3.1 -20.1 -17.3
Operating profit (EBIT) -4.5 -3.4 -9.9 -7.4 -28.2 -25.7
Metso total 4-6/2018 4-6/2017 1-6/2018 1-6/2017
7/2017-
6/2018 1-12/2017
Adjusted EBITA 91.0 70.0 175.9 136.5 283.2 243.6
% of sales 11.7 10.4 11.8 10.3 9.9 9.0
Capacity adjustment expenses - -6.0 - -8.7 -0.5 -8.1
% of sales 11.1 8.9 11.2 9.0 9.3 8.1
OPERATIVE CAPITAL EMPLOYED AND SEGMENT ROCE-%
EUR million, % 4-6/2018 4-6/2017 1-12/2017
Minerals 1,127 1,032 1,050
Segment ROCE-%, annualized 23.2 17.8 14.7
Flow Control 304 311 290
Segment ROCE-%, annualized 39.0 19.9 29.7
23

10. QUARTERLY INFORMATION
ORDERS RECEIVED
EUR million 4-6/2018 1-3/2018 10-12/2017 7-9/2017 4-6/2017
Minerals 671 654 527 646 575
Flow Control 184 205 157 171 174
Group Head Office and other 0 0 0 0 0
Intra Metso orders received -2 0 0 0 0
Metso total 853 859 684 817 749
SALES
EUR million 4-6/2018 1-3/2018 10-12/2017 7-9/2017 4-6/2017
Minerals 596 553 540 513 523
Flow Control 180 161 170 155 152
Intra Metso sales -0 0 0 0 0
Metso total 776 714 710 668 675
ADJUSTED EBITA
EUR million 4-6/2018 1-3/2018 10-12/2017 7-9/2017 4-6/2017
Minerals 64.0 63.0 48.2 21.3 54.9
Flow Control 29.5 25.4 26.6 25.3 16.4
Group Head Office and other -2.5 -3.5 -10.5 -3.6 -1.3
Metso total 91.0 84.9 64.3 43.0 70.0
ADJUSTED EBITA, % OF SALES
% 4-6/2018 1-3/2018 10-12/2017 7-9/2017 4-6/2017
Minerals 10.7 11.4 8.9 4.2 10.5
Flow Control 16.4 15.8 15.6 16.3 10.8
Group Head Office and other n/a n/a n/a n/a n/a
Metso total 11.7 11.9 9.1 6.4 10.4
ADJUSTMENT ITEMS
EUR million 4-6/2018 1-3/2018 10-12/2017 7-9/2017 4-6/2017
Minerals - - 0.1 0.5 -6.0
Flow Control - - - - -
Group Head Office and other - - - - -
Metso total - - 0.1 0.5 -6.0
AMORTIZATION
EUR million 4-6/2018 1-3/2018 10-12/2017 7-9/2017 4-6/2017
Minerals -2.0 -1.9 -2.0 -1.5 -1.4
Flow Control -0.5 -0.6 -0.6 -0.6 -0.6
Metso total -4.5 -4.5 -4.6 -4.1 -4.2
24

OPERATING PROFIT (LOSS)
EUR million 4-6/2018 1-3/2018 10-12/2017 7-9/2017 4-6/2017
Minerals 62.0 61.1 46.4 20.3 47.4
Flow Control 28.9 24.8 26.0 24.8 15.8
Metso total 86.5 80.5 59.8 39.4 59.8
OPERATING PROFIT (LOSS), % OF SALES
% 4-6/2018 1-3/2018 10-12/2017 7-9/2017 4-6/2017
Minerals 10.4 11.0 8.6 4.0 9.1
Flow Control 16.1 15.4 15.3 16.0 10.4
Group Head Office and other n/a n/a n/a n/a n/a
Metso total 11.1 11.3 8.4 5.9 8.9
CAPITAL EMPLOYED
EUR million June 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 June 30, 2017
Minerals * 1,127 1,077 1,051 1,018 1,032
Flow Control * 304 298 290 295 311
Metso total 1,892 2,092 2,204 2,194 2,181
* Operative capital employed includes only external balance sheet items.
ORDER BACKLOG
EUR million June 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 June 30, 2017
Minerals 1,292 1,248 1,173 1,212 1,140
Flow Control 312 306 267 279 271
Group Head Office and other - - - - -
Intra Metso order backlog -3 0 0 0 0
Metso total 1,601 1,553 1,439 1,491 1,411
PERSONNEL June 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 June 30, 2017
Minerals 9,459 9,313 8,890 8,607 8,567
Flow Control 2,751 2,575 2,660 2,584 2,685
Metso total 12,708 12,356 12,037 11,698 11,788
25

11. EXCHANGE RATES
1-6/2018 1-6/2017 1-12/2017 June 30,2018 June 30, 2017 Dec 31, 2017
USD (US dollar) 1.2060 1.0878 1.1307 1.1658 1.1412 1.1993
SEK (Swedish krona) 10.1722 9.5900 9.6392 10.4530 9.6398 9.8438
GBP (Pound sterling) 0.8811 0.8605 0.8742 0.8861 0.8793 0.8872
CAD (Canadian dollar) 1.5408 1.4471 1.4684 1.5442 1.4785 1.5039
BRL (Brazilian real) 4.1441 3.4750 3.6271 4.4876 3.7600 3.9729
CNY (Chinese yuan) 7.7119 7.4685 7.6299 7.7170 7.7385 7.8044
AUD (Australian dollar) 1.5656 1.4445 1.4780 1.5787 1.4851 1.5346
12. EVENTS AFTER THE REPORTING PERIOD
On July 2, 2018, Metso completed the acquisition of the Swedish mobile crushing and screening solution provider
P.J. Jonsson och Söner AB. The acquired business will be consolidated into Aggregate Equipment business area of
Minerals segment from the beginning of July. The company's sales in the fiscal year 2017 were EUR 33 million and
it has 40 employees. The parties have agreed not to disclose the acquisition price.
It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding
expectations for general economic development and the market situation, expectations for customer industry profitability and
investment willingness, expectations for company growth, development and profitability and the realization of synergy benefits
and cost savings, and statements preceded by “expects”, “estimates”, “forecasts” or similar expressions, are forward-looking
statements. These statements are based on current decisions and plans and currently known factors. They involve risks and
uncertainties that may cause the actual results to materially differ from the results currently expected by the company.
Such factors include, but are not limited to:
(1) general economic conditions, including fluctuations in exchange rates and interest levels which influence the operating
environment and profitability of customers and thereby the orders received by the company and their margins,
(2) the competitive situation, especially significant technological solutions developed by competitors,
(3) the company’s own operating conditions, such as the success of production, product development and project management
and their continuous development and improvement,
(4) the success of pending and future acquisitions and restructuring.
26

Metso’s financial information in 2018
Financial Statements Review for 2017 on February 2
Annual Report 2017 on February 23
Interim Review for January – March 2018 on April 25
Half-Year Financial Review for 2018 on July 26
Interim Review for January – September 2018 on October 26
Metso Corporation, Group Head Office, Töölönlahdenkatu 2, PO Box 1220, FIN-00101 Helsinki, Finland
Tel. +358 20 484 100 Fax +358 20 484 101 www.metso.com

Metso's Half-Year Review January 1 - June 30, 2018

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